Hong Kong Regulators to Assist Crypto Firms with Banking

Lavina Daryanani
Source: PayBito

Hong Kong remains committed to becoming a digital asset hub. Taking another step in the said direction, regulators of the special administrative region are set to hold a meeting between crypto firms and bankers. The same is intended to ease financing for the crypto sector.

Also Read: China’s Capital Reportedly Backs Hong Kong’s Vision as a Crypto Hub

Initiative to help facilitate “direct dialogue”

According to a recent Bloomberg report, the meeting will take place on April 28 at the Hong Kong Monetary Authority. This initiative intends to facilitate “direct dialog” and share “practical experiences and perspectives” in opening and maintaining bank accounts. Notably, the session will be held in conjunction by the HKMA and the Securities and Futures Commission.

In fact, China is also reportedly backing Hong Kong’s crypto hub vision. Like Watcher Guru reported recently, officials from China’s Liaison Office have been “frequent guests” at Hong Kong’s crypto gatherings. Moreover, their encounters have been “friendly.” Additionally, officials have been checking on developments, asking for reports, and in some cases, making follow-up calls as well.

The Bloomberg report further noted that the recent collapse in a host of U.S. crypto-friendly banks made it difficult for some firms to sign up for banking-related services. Nevertheless, the reportedly “growing interest among Chinese state-owned lenders in the sector” is a positive take-away. Now this is essentially unconventional, for China called for a crypto crackdown on trading in 2021. In fact, at the moment, most crypto-related activities remain prohibited there.

Spokespeople at HKMA and SFC did not reveal additional details. However, they are said to be “maintaining dialog with stakeholders.”

Recently, the Secretary for Financial Services and the Treasury, Christopher Hui, re-emphasized that Hong Kong is “well-positioned” to be a “leading hub” for Web3 in Asia and beyond. He added that the region continues to give “great importance” to virtual assets and Web3. In fact, as of the end of last month, Invest Hong Kong received expressions of interest from over 80 virtual asset-related mainland and foreign companies in establishing their presence in Hong Kong.

Also Read: 80+ Crypto Firms Eyeing Hong Kong As a Foundation Base